December 4, 2008 / 1:49 PM / 9 years ago

CANADA STOCKS-TSX set to open lower on weak commodities

3 Min Read

TORONTO, Dec 4 (Reuters) - The Toronto Stock Exchange's main index could open lower on Thursday with weaker oil and gold prices in focus and as investors digest quarterly results from Canada's big banks including Toronto-Dominion Bank TD.TO.

On Wednesday, the S&P/TSX composite index .GSPTSE closed down for a third straight session, slipping 30.85 points, or 0.37 percent, to 8,296.96 amid weakness in oil and gas stocks.

Here is some of the news that may affect the market.

Bank Earnings

Canadian Imperial Bank of Commerce (CM.TO) said its quarterly profit fell 51 percent due to a variety of securities writedowns and mark-to-market losses [ID:nN03335793], while Toronto-Dominion Bank's TD.TO quarterly profit fell 7 percent because of previously announced write-downs for credit-trading losses in illiquid debt markets. [ID:nN03464085]

Results from National Bank of Canada NA.TO and Canadian Western Bank CWB.TO could also be in focus.

BOMBARDIER (BBDb.TO)

Bombardier says quarterly profit more than doubles, helped by a rise in revenue but new orders for both airplanes and trains fell as tough economic conditions weighed. [ID:nN04492400]

Canadian Political Crisis

Canadian Prime Minister Stephen Harper is expected on Thursday to take the unprecedented step of seeking the suspension of Parliament so he can avoid defeat at the hands of the opposition. [ID:N04375103]

Oil Down

Oil CLc1 falls below $46 a barrel on concern the bleak outlook for the global economy will hamper demand for crude. Oil prices have tumbled from a high of $147.27 reached in July. [ID:nSP342111]

Gold, Base Metals Sag

Gold XAU= sags as the U.S. dollar strengthened against the euro and after the European Central Bank cut interest rates by 75 basis points on Thursday [ID:nL4327152], while base metals were also weaker. [ID:nL4245443]

ENBRIDGE INC (ENB.TO)

Enbridge, Canada's No. 2 pipeline operator, said on Wednesday it will boost its dividend by 12 percent on expectations that its 2009 earnings will rise a more than expected 20 percent next year despite the financial crisis and falling crude prices. [ID:nN03415793]

Focus on Rate Cuts

The European Central Bank cut interest rates by 75 basis points to 2.50 percent on Thursday, a bigger move than economists had forecast but in line with expectations of financial market traders. [ID:nL4623589]

Canadian Research

Paradigm cuts Research in Motion Ltd RIM.TO price target to C$85 from C$190 with a strong buy rating. For more research details, please see [CA-RCH] ($1=$1.26 Canadian) (Reporting by Jennifer Kwan, Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below